Switching from Ulster Bank to...

I'm in the same boat re UB, have been a customer since 1980. Dear Leader has done the research and says AIB is probably the best bet all round.

Ulster Bank's app is well out in front. AIB is a poor second. BOI is a very weak third. PTSB, CU aren't of this millennium.....

Depending on your transactions volumes and patterns etc AIB will cost you in the region of €100pa, possibly more. But it's the best of a pretty bad lot.

Does anyone know if you can just click a box and everything moves to another bank including the provision of credit/debit cards the same as you have with Ulster Bank without the need to start filling in 900 pages of applications to see if they will accept you for a credit card etc etc. Don't really care who it's with, branch network unimportant once they have a branch in Dublin City Centre.

Yeah I’d imagine switching direct debits, standing orders and getting your wages paid in is what the switcher team would be for. Credit cards would require a credit check etc so probably a whole new application I would imagine

Is there much involved with switching to AIB with regards direct debits coming out of my Ulster Bank current account?

I booked with PTSB to open a CA with them and both times they booked me wrong. First time booked for 26th Dec, then for 30th Dec. When I went to the branch, they said a person I have an appointment with is off today and nobody has notified me. I asked if I was rebooked automatically and they said No! Booked again, got home to check options with AIB. Tried to open an account via AIB app but didn't let as I already had an account with them long before. Called their customer care and they said I have to book an appointment on the website but the agent was struggling to tell me what page exactly I should go to. Finally found and booked but figured out that DD or standing order setup costs 4.50 Euro per one. I have a few! If I want to amend standing order for my saving account, each amendment is 2.50 Euro!

Incompetent PTSB is who I will stick with, even though they drive me crazy. But a fixed monthly free and also the option to get 10c back for each bank card transaction is what would help to reduce my banking fees.

I would go with EBS but they don't have an app and if you want to setup or amend DD, you literally have to go to their website, print off the request, sign and post them.

BoI is a no no for me due to old-school system and very slow transfers.

Looks that Irish retail banking is currently don't have much to offer the customers, sadly.

BoI and PTSB fixed fee and free Euro transactions as many as you want within Eurozone. AIB quarterly fee plus each transaction 20c, plus DD etc fees. EBS free but no app, no Google pay and lots of paper.

Coming in on this conversation too. Regarding EBS , I'm actually not to bothered about an app as long as the online website is functional enough to use.

However what is the online purchases experience like ? I assume it'll work fine with Paypal ? Is card manager app slow and laggy ? I tend to buy alot of high value demand items which are limited in stock. When the become available sell out in minutes so a quick SCA payment app is a bit of a must for me.

I'm considering a mix of EBS and Revoult or N26 going forward.

I would also like to know the difference without a need of opening an actual account. But couldn't find any useful review/comparison.

I'll risk being named but I can't trust putting my savings and getting a wage into one of these. I still want to know the actual physical present of the bank in the state I'm using its services. I use Revolut from time to time for Sterling purchases, though. Also, some providers don't accept non-Irish IBAN for DD's and I just don't want a hassle fighting this.

The cheapest probably is to get wages and major DDs to/from EBS, drop some money into Revolut/N26 and use it for daily transactions.

See here https://www.askaboutmoney.com/threads/rating-the-personal-online-banking-for-current-accounts-from-aib-boi-ptsb-and-ebs.225418/

AIB have a switcher pack, see here: https://aib.ie/content/dam/aib/personal/docs/our-products/current-accounts/switching-your-personal-current-account/personal-current-account-switching-pack.pdf

The alternative is to open a new current account with your new bank and replicate your standing orders and manually advise your new account details to any services/suppliers that you have a DD arrangement with. Then cancel the old ones and close the old account..

I chose the latter, as it allowed me to reorganise and rearrange a lot of the DDs, e.g. change dates etc. There were also a few that I moved to from my current account to my credit card. It also avoids an issue where some services (e.g. Netflix) dont usually move if you use the switcher pack. It took an a few hours on a wet Sunday afternoon to do this. I then monitored the new arrangements for a few weeks to make sure everything was working before closing the old accounts

Note that this only covers current accounts. Deposit accounts and credit cards are separate.

I don't trust account switching facilities. It failed to switch my Virgin Media DD and I have got caught in a few days as the due date was close. Bank and Virgin Media charged me missed DD fee. This time I will simply open a new account and do everything myself. Netflix and some other providers are not on DD but rather recurrent bank card payment so it's dealt differently. When a bank card lost or replaced with a new expiry date, we also need to update with Netflix in this case.

You say the DD setup there is a fee of 4.50 for each account. Does this include if you do all the online details yourself?

I know there is a charge every time a DD comes out at 20c per DD. I cannot see that fee for DD.

For standing orders it says there is a €4.50 for a Manual setup and zero fee for Kiosk and internet setup.

Am also having to look at alternatives to Ulster Bank / KBC. I came across this article a while ago & have bookmarked it for future reference. I keep hoping that a new banking alternative will decide to launch on the Irish market. Highly unlikely though!

https://www.rte.ie/news/business/2021/1126/1263338-is-it-time-for-ulster-and-kbc-bank-customers-to-switch/

Maybe it's only for those with mortgages?

PTSB and UB don't have an agreement for personal current or saving accounts.

Sounds like Chinese whispers.

ANother UB customer looking for options. Joined when I got a Henry Hippo money box and school pack in the early 80's and been a customer ever since! Love the App and disappointed to see none of others are a patch on it.

Main banking use is get my salary paid in, a few bill by standing order and a transfer to Revelot about once a month, which I then use for day to day spending. Maybe one cash withdrawal ever 3 or 4 months. Also would probably have a bank transfer to a friend or buying something every month or so and the App was handy for that but Revelot is taking over a lot of my use for this

Probably going to wait as long as I can without switching and hopefully an easy option appears! I am not really that fussy who i end up with - if one of them developed a good app then I probably would choose them. Whoever it is will earn a lot more from me in bank charges then UB ever did!!

Is yours by any chance a small business account ? If so then it may be transferred to PTSB, as PTSB are acquiring some of Ulster Bank's small business accounts. They are not acquiring Ulster Banks retail business (i.e. personal account holders). The following is an overall summary of what is happening:

Ulster bank have said repeatedly: Beginning in early 2022, on a rolling basis, we will start to give current and deposit account customers formal letters of notice of up to six months, to choose a new bank; move to that bank; and close their Ulster Bank accounts. If no action is taken, customer accounts will be closed with a cheque issued for any remaining balance.

AIB is acquiring €4.2 billion of performing Ulster Bank corporate and commercial loans (Large commercial business)

PTSB is acquiring (1) The performing non-tracker residential mortgage book of Ulster Bank (approximately €7.0 billion) (2) The performing micro-SME (“Business Direct”) loan book of Ulster Bank (approximately €230 million) and (3) The entire Lombard Asset Finance loan business of the Ulster Bank (approximately €400 million)

PTSB is also acquiring 25 branches from Ulster Bank’s branch network and taking some staff. (Note that PTSB is acquiring the branch buildings and the some related staff, not the accounts – the accounts will need to be transferred by the account holder or they will be closed by Ulster Bank and a cheque issued for the balance).

No final announcement has been made in relation to either performing tracker mortgages (AIB has been mentioned as a possible destination)  or non performing mortgages. 

Note that PTSB's website states: Your Ulster Bank Current Account will not transfer automatically to Permanent TSB as current accounts are not included in the transaction agreement. 

Most of the above is subject to approval by the CCPC (The Competition and Consumer Protection Commission)

Thanks...

No it is just a personal account.

To be honest I think they have been busy with customers looking to switch, and maybe they are trying to put them off from trying to do it in branch.

She did try and ask me to download the app first and do it that way (I have a Huawei phone and cant get the app)

Then she started spinning me the story about accounts being transferred to PTSB anyway.

I switched from Ulster Bank to AIB a couple of months ago, without too much hassle.

Be aware, that AIB won't automatically supply a credit card, and you will have to wait six months to get one.

I kept my UB credit card and supplied the credit card department with my AIB IBAN details. However, they have not taken any direct debits from it and I am now getting default letters from UB credit card. I have called their number five times and have been assured that they would rectify the problem, but am still getting the late payment letters.

Has anyone else had this problem? I am worried that the very small amount on my credit card is going to affect my credit history which was AI before this debacle.

Surely a new direct debit mandate would be required given that the debiting account has changed?

Also - it is not mandatory to pay your UB credit card bill by direct debit. You can pay manually via tear-off portion of bill OR via internet banking (minimum payment, full balance or other amount). If there's an issue with the new direct debit, you need to take responsibility yourself and at least pay the minimum amount due.

I opened a current account with AIB last week in local branch. Account opened seamlessly & quickly. Professional & friendly service. Was able to open a savings account myself via their app the following day. Will do all the switching of direct debits, standing orders and recurring payments myself over the next couple of months.

I switched from UB to PTSB as we have our mortgage with them so I get 2% back p/m with their Explore account.

I went into a branch to do the switch, very happy with the customer service in branch and the switching process.

But I have to say I'll really miss UB. Their app and online banking is light years ahead, and the customer service phone lines are answered within a few rings usually. PTSB, I've found myself waiting 10 minutes+ sometimes. With UB, I had the UFirst account, which had some good benefits like 25% back off ticketmaster booking (less beneficial in recent years I suppose for obvious reasons, but was good when I was going to multiple concerts every year).

Jumping on this thread, I use Revolut for day to day banking but I need an Irish bank to pay the bills and to keep the emergency fund on. Only for that, what's the best recommendation?

How will you manage not paying fees if changing from EBS? There won't be an option not to pay if you'll need to use an Irish bank.

BOI 6 Euro a month, most things then free.

PTSB 6 Euro a month, most things then free and 10c go back for each online or POS transaction.

AIB 4.50 Euro per quarter plus 20c POS chip & pin, contactless free, 20c online transactions, online purchases, DD's, SO's, 35c ATM.

I have moved to PTSB recently from KBC and are shocked how old school they are. Now in the process of changing to AIB and I will run away from PTSB.